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Climate Change and the Global Insurance Industry

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  • Michael Hawker

    (Insurance Australia Group Limited (IAG), Level 25, 388 George Street, Sydney, NSW 2000, Australia.)

Abstract

Weather and climate are “core business” for the insurance industry. Many extreme weather events such as cyclones, hailstorms, bushfires and floods are projected to increase in either intensity or frequency under climate change. A changing, less predictable climate has the potential to reduce the insurance industry's capacity to calculate, price and spread this weather-related risk. However, it is important to understand the long term opportunities as well as risks associated with climate change. IAG is committed to undertaking further research to increase the scientific understanding of the impacts of climate change, to identify ways to reduce the impact that climate change is expected to have on society and to identify insurance-based incentives for a reduction in future greenhouse gas emissions. Climate change presents a strong case for the need for business, governments and community groups to work together to find sustainable solutions to this critical challenge. The Geneva Papers (2007) 32, 22–28. doi:10.1057/palgrave.gpp.2510112

Suggested Citation

  • Michael Hawker, 2007. "Climate Change and the Global Insurance Industry," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 32(1), pages 22-28, January.
    • Handle: RePEc:pal:gpprii:v:32:y:2007:i:1:p:22-28
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    Cited by:

    1. Hillier, John & Dixon, Richard, 2020. "Seasonal impact-based mapping of compound hazards," Earth Arxiv qfj5g, Center for Open Science.
    2. Sithabile Hlahla & Trevor R. Hill, 2018. "Responses to Climate Variability in Urban Poor Communities in Pietermaritzburg, KwaZulu-Natal, South Africa," SAGE Open, , vol. 8(3), pages 21582440188, September.

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